Jbs day event

JBS DAYMeeting with Senior Management

São Paulo - April 06, 2011

JBS S.A.

Wesley Batista

3PAGE

JBS S.A.

Founded in the 1950’s in West Central Brazil

IPO in 2007

Leading protein producer and third largest food company in the World

Revenues of over R$ 55 billion in 2010

EBITDA of R$ 3.75 billion in 2010

Organic growth of 14.2% in local currency in 2010

125,000 employees worldwide

134 production units in 5 continents

Market cap of approximately USD 11.1 billion(1)

(1) 31/12/2010

4PAGE

JBS Ranking

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

2 Track Record

of successful

acquisitions

Largest global beef and

lamb producer1st

Largest global leather

processor1st

Largest global chicken

producer2nd

Largest dairy

producer in Brazil3rd

Largest pork producer

in the US3rd

Source: JBS

5PAGE

Merger and Acquisition track record More than 30 acquisitions in 15 years

0,3 0,4 0,4 0,5 0,5 0,4 0,7 1,2 1,54,3

14,1

30,3

34,3

55,1

1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Barra do Garças (Sadia)

Andradina (Sadia)

Barretos (Anglo)

Pres. Epitácio e Campo grande (Bordon)

Araputanga(Frigoara)

Cáceres (Frigosol)

Iturama (Frigosol)

Rio BrancoCacoal 1Cacoal 2Porto VelhoVilhena (Frigovira)

Pedra Preta (Frigo Marca)

Venado

Tuerto

Pontevedra

(CEPA)

JV Beef Jerky

Beef

Five Rivers

Merger with Bertin

JBS Couros

5 new units

Tatiara Meat

(Swift Austrália)

Source: JBS Net revenue (R$ billion)

Tasman

Smithfield

Inalca

SB Holdings

Berazategui (Rio Platense)

Colonia Caroya

Maringá (Amambay)

Swift Foods Co.

JBS went international with the acquisition of Swift Argentina.

Construction of a sustainable global meat production and sales platform.

2005

JBS became the largest beef company in the world and the biggest Brazilian company in the food industry and entered the US pork market.

2007

2008

Diversification of market segments through the acquisition of Pilgrim’s Pride and merger with Bertin.

2009

JBS Swift became the leader in lamb production in Australia.

2010

RosárioSan Jose(Swift Argentina)

Pilgrim´s Pride

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

2 Track Record

of successful

acquisitions Rockdale Beef

6PAGE

Diversified market segments

Beef

Pork

Chicken

Transportation

Biodiesel

Collagen

Leather

Dairy products

Lamb

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

3 Geographic

and market

segment

diversification

2 Track Record of

successful

acquisitions

7PAGE

Presence in more than 100 countries, in 6 continents

Source: JBS

Slaughterhouse and Industry

Sales Office

Pork

LeatherBeef

Distribution CenterDairy

Vegetal Oil

Strategic Geographical Distribution

Chicken

Geographic

Presence and

Production

Capacity

84,800 heads/day

Beef

7.9 mm birds/day

Chicken

50,000 heads/day

Pork

5,400 tons/day

Dairy

24,000 heads/day

Lamb

82,300 hides/day

Leather

3

60

39

23

7

1

58

7

134

u Units

3 Geographic

and market

segment

diversification

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

2 Track Record of

successful

acquisitions

8PAGE

Well-recognized Brands, symbols of quality

Brazil

Argentina

3 Geographic and

market segment

diversification

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

2 Track Record of

successful

acquisitions

EUA

Australia

9PAGE

IMPROVED PROFITABILITY

Track Record of successful acquisitions

Creating experience to

become a leading

Company in consolidating

the food sector globally.

Geographic and market segment

diversificationAccess to all consumer

markets and reduced trade

and sanitary barriers risks.

Market LeaderGreater utilization of market

and business opportunities

to enhance growth.

+

Production optimization Diluted of fixed costs

PRODUCTION SCALE

SYNERGY

Well-recognized brands

Market expansion and

strong leadership.

+ +3 Geographical

and market

segment

diversification

1 Market Leader

4 Well-recognized

brands

5 Synergies &

Scale

2 Track Record

of successful

acquisitions

10PAGE

EBITDA

Margin

Our Strategy

RACIONALE

Associating quality and branding to

increase client loyalty

Customized and further processed

products for the end users

Expanding a global distribution

platform to reach end clients

Developed an efficient and

diversified global production

platform

Production platform

Sales and distribution platform

Value added products

Branding

Financial

Structure

Experienced

Management

Cost reduction,

process

optimization

Risk

Management

JBS’s Value & Strategy

JBS S.A.

Perspectives for the animal protein market

JBS is well positioned to attend the global demand for animal protein

Jeremiah O’Callaghan

12PAGE

Global consumption of animal protein has been increasing

Consumption by region over the past ten years

North America

Central America

South America

E.U. - 27

Middle East

North Asia

East Asia

Oceania

Southeast Asia

Africa

+3.0%

+41.4%

+47.7%+7.5%

+29%

+32.2%

+23.7%

+48.7%

+23.3%

Source: Rabobank

+70.2%

13PAGE

Global beef trade

Source: USDA

E.U. 1.0%

Uruguay 5.0%

Argentina 5.0%

Canada 6.0%

New Zealand 7.0%

Others 10.0%

India 10.0%

Brazil 27.0%

Australia 18.0%

USA 11.0%

Largest Beef ExportersJBS is present

in 66,0% of

Export markets

14PAGE

Global consumption and trade of animal protein over the past 10 years

Source: USDA

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

100.000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Consumption Trade

(1000 MT CWE) (1000 MT CWE) (1000 MT)

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

15PAGE

Brazil, Australia and the US continue to lead global beef exports

Source: USDA, MLA and Secex

Beef Exports Average Price (US$/Ton)

Australian Beef Exports (tons)

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010

+11.8%

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010

+19.5%

+10.9%

Brazil, Australia and US represent, respectively, 27%, 18% and 11% of global beef trade

Brazilian Beef Exports (tons)

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

2005 2006 2007 2008 2009 2010

+2.7%

+24.4%

-1.9%

US Beef and Veal Exports (tons)

16PAGE

Chicken Exports Brazil vs US

Source: USDA e Secex

Brazilian Chicken Exports (tons) US Chicken Exports (tons)

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2005 2006 2007 2008 2009 2010

+13.4%

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

2005 2006 2007 2008 2009 2010

Chicken Exports Average Price (US$/Ton)

+26.6%

-0.7%

Brazil and US represent, respectively, 39% and 34% of global chicken trade

-4.3%

17PAGE

$ Global Surplus (deficit)

Source: Goldman Sachs

Goldman Sachs forecast for animal protein in 2020

Beef & Veal

Surplus Deficit

Pork

Chicken

JBS USA

Don Jackson

19PAGE

JBS S.A.

JBS USA - Corporate Structure(excluding Australia)

JBS USA

Holdings, Inc.

Pilgrim’s Pride

Corporation

Don Jackson – CEO

André Nogueira – CFO

100%

67% 100%

Beef Segment

US Beef – Bill Rupp

Five Rivers – Mike Thoren

Pork Segment – Marty Dooley

Chicken Segment – Bill Lovette

JBS USA, LLC

20PAGE

Overview of JBS USA (excluding Australia)

JBS USA

Holdings, Inc.

Beef Segment Chicken Segment

Financial Information:

• Net Sales: $6.9 billion

Market Share:

• Leading chicken processor in the U.S. with 18% market share

• Leading chicken processor in Mexico

Other Statistics:

• Chickens Processed: 1.8 billion

Financial Information:

• Net Sales: $10.45 billion

Market Share:

• Leading beef processor in the U.S. with ~ 22% market share

• Five Rivers, the largest feedlot operation in the U.S.

Other Statistics:

• Cattle Processed: 6.8 million

Pork Segment

Financial Information:

• Net Sales: $3+ billion

Market Share:

• Leading pork processor in the U.S. with 13% market share

Other Statistics:

• Hogs Processed: 12.8 million

Financial Information:

Net sales: $ 20.35 billion

Source: JBS; 2010

21PAGE

JBS USA Beef (19)

JBS USA Pork (3)

JBS USA Rendering (2)

JBS USA Trucking (2)

JBS USA Cattle Feeding (12)

JBS USA Case Ready (1)

JBS USA Distribution Centers (7)

JBS USA Tannery (1)

Pilgrim's Pride Production (30)

Pilgrim’s Pride Distribution Centers (14)

Cactus

Green Bay

Seaford

Depen

Chicago

Grand Island

Plainwell

Tolleson

Souderton

Louisville

Marshalltown

Worthington

Keyes

Ulysses

Dalhart

Hartley

Greeley

Lamar

Yuma

Malta

Santa Fe Springs

Denver

Phoenix

Manalapan

Lakeland

Puerto RicoMcAllen

SouthCharleston

D

D

D D

Hyrum

D

D

D

D

MoorefieldBroadway

SanfordMarshville

Sumter

Live OakEnterprise

CarrolltonElberton

Mayfield

Batesville

DeQueenMt. Pleasant

Natchitoches

San Antonio

ArlingtonDallas

Waco

LufkinNacogdoches

San Luis Potosi

Los Cues Tepeji del Rio

VeracruzTlalnepantla

QueretaroD

Monterrey

DGuadalajaraDTampico

D

RussellvilleGuntersville

BoazChattanooga

EllijayGainesville

Athens

Canton

D

Salt Lake City Pilgrim's Pride Further Processing (9)

McElhaney

Douglas

21

Significant Scale Across Multiple Locations

22PAGE

Significant EBITDA Improvements to Come for JBS USA

Beef

Division

Plant optimization: continued yield improvements and cost reduction

Exports: improved export sales mix and market expansion

Sales mix: increased proportion of value-added/branded products

Opportunities

Chicken Plant optimization: yield improvements and cost reduction

Pork Sales mix: increased proportion of value-added/branded products

Total Improvements of Over $500MM in JBS USA Projected for 2011

Beef Division

Bill Rupp

24PAGE

JBS Beef Division

JBS domestic beef production is approximately 29 thousand head per day representing 22% domestic market share

Cargill ~29,000 - 22% market share

Tyson ~29,000 - 22% market share

JBS ~29,000 - 22% market share

Operate Five Rivers Feeding, the largest feedlot operations in the United States

Manage 12 cattle feed yards with a one time capacity of 950,000/hd

Provides a captive cattle supply and flexibility to perform customized feeding programs

25PAGE

JBS Swift and Packerland Beef Plants

Greeley, CO

Grand Island, NE

Souderton, PA

Plainwell, MI

Green Bay, WI

Cactus, TX

Tolleson, AZ

Hyrum, UT

26PAGE

Customized Program Solutions

JBS beef plants are strategically located to optimize customer service and logistical efficiencies

The most diverse program offering in the industry with customized programs targeted to each consumer segment

Research and development support to optimize core product performance and develop new custom products/programs

Prime Angus White Fat CowSelect Angus

Pork Business Unit

Marty Dooley

28PAGE

JBS is the 3rd largest fresh pork processor in the US, processing 12.8M head per year and representing 13% of

the market share, with sales of $3+ billion.

Pork Facility/Key Locations Map

• 3 Pork Plants

– Marshalltown, IA – 20,000 hd/day

– Worthington, MN – 20,000 hd/day

– Louisville, KY – 10,000 hd/day

• 1 Case Ready Plant

– Santa Fe Springs, CA

• 1 Lamb Plant

– Greeley, CO

.

29PAGE

Strengths & Opportunities

Long term hog supply contracts – 73.5%

Capacity to convert a high percentage of loins, hams

and bellies

Supplier of choice with further processors such as

Oscar Mayer and Boarshead

Strong partnerships with key customers such as

Costco, Kroger, Sysco, Shaw’s, Delhaize, Weis

Markets and AWG

Over 200MM pounds of Swift branded product sold at

retail

Flexibility

Strengths Opportunities

Maintain hog supply

Increase automation in the plants to improve yields

and reduce labor

Adding Freezer/Warehouse in Marshalltown

Will be operational in May 2011

Allows for increased space for value added in

2012

Utilize source verified livestock and traceability to

improve sales of chilled, frozen pork and diced/ground

seasoned pork to Japanese market

Increase sales of converted ribs

Increase sales of value added and branded product

Expand our case ready business

30PAGE

Pork Sales Mix

2010

Chicken Business Unit(Pilgrim’s Pride)

Bill Lovette

32PAGE

Pilgrim’s Pride Today

JBS ownership creates uniquely positioned company with global distribution focus

Net sales of $6.9 billion in fiscal 2010

Adjusted EBITDA of $481.9 million, a margin of 7.0%

Produced 7.7 billion pounds of chicken

42,000 employees in the U.S. and Mexico

Major facilities in 12 states, Puerto Rico and Mexico

30 fresh plants and 9 cooking facilities

Market cap of nearly $1.6 billion

$1.3 billion in debt as of December 26, 2010

JBS USA currently owns 67.3% of PPC common stock

33PAGE

Strong #2 Player in the Global Chicken Industry

Mountaire Farms 4.0%

Wayne Farms 5.0%

Tyson Foods 21.0%

Pilgrim’s Pride 18.0%

Perdue Farms 7.0%

Mexico 9.0%

USA 91.0%

Sanderson Farms 7.0%

Koch Foods 5.0%

Others 33.0%

US Market Share by Production Pilgrim’s Geographic Sales

FY 2010 Net Sales $6.9 billion

Source: Watt Poultry USA February 2011.

34PAGE

Production Initiatives Overhead Initiatives Integration with JBS

Margin Expansion Through Cost-Saving Initiatives

Closed 10 plants or roughly 20% of production capacity

4.8% of industry production

Adopted forecasted demand planning model

Reopened Douglas, GA, in January as competitive large bird deboning plant

Consolidated HQ with JBS USA

Closed PPC HQ in Pittsburg, offices in Dallas and Atlanta

Reduced outside cold-storage warehouses from 51 to 17

Renegotiated professional service fees

Consolidated shared services functions across legal, purchasing, logistics, administrative, insurance and IT

35PAGE

Integration with JBS USA Provides Further Benefits

Reduced administrative and corporate expenses as a result of integration with JBS USA

458 corporate positions eliminated in 2010

Leverage combined purchasing power to reduce supplier and logistics expenses

Additional opportunities in logistics and exports to be realized in 2011

(1) Captured in SG&A savings.

(2) PPC share of corporate and administrative expenses captured in SG&A savings.

Logistics 19.0%

Suppliers 28.0%

Corporate 12.0%

Administrative Expenses 41.0%

Combined Synergies - $170mm

(1)

(1)

36PAGE

Positioned to Capitalize on Export Opportunities

PPC is bullish on 2011 and its long-term export position

JBS ownership has improved access to markets such as Africa and Middle East

Pilgrim’s goal is to reduce its concentration in Russian export sales by expanding into emerging markets

Expansion into key export markets with value-added processed products

Leverage JBS’ international network to grow share in fast-growing export markets

Top Export Markets

Afghanistan

Angola

Canada

China

Cuba

Hong Kong

Iraq

Lithuania

Mexico

Russia

Saudi Arabia

Taiwan

Tajikistan

Ukraine

Uzbekistan

JBS Australia

Iain Mars

38PAGE

7 distribution centres situated in Sydney, Melbourne, Brisbane, Perth, Adelaide, Townsville and Launceston

6 cattle feedlots located in Queensland and New South Wales

Townsville Plant

Rockhampton Plant

Beef City Plant

Dinmore Plant

Cobram Plant

Brooklyn Plan t

Bordertown

King Island Plant

Devonport Plant

Longford Plant

11 beef and small stock slaughtering plants located in New South Wales, Queensland, Victoria and Tasmania

Riverina

JBS Australia – plants, feedlots and distribution centers

39PAGE

JBS Australia employees 8,500 people

Annual Turnover A$3 billion

JBS Australia

Company

1,988

Kill Numbers

(head/year – 000’s)Market Share

27%

Teys 938 13%

Nippon Meat 516 7%

Cargill 425 6%

Bindaree 293 4%

JBS Australia

Competition analysis - beef

40PAGE

JBS Australia(1)

Company

3.5

Kill Numbers

(head/year – 000’s)Market Share

12.00%

Fletcher 2.8 9.33%

Southern Meats (closed) 1.8 6.00%

Colac (sold) 1.3 4.33%

Castricum (closed) 1.1 3.67%

T & R 4.6 15.30%

JBS Australia – Lamb (smalls)

E.U. 6%

Japan 3%

China 25%

Middle East 6%

USA 59%

Others 1%

Exports and Competition analysis

(1)Considering the US facility, JBS is the largest global lamb producer.

41PAGE

Australia – world’s second largest exporter of beef

Middle East 3.0%

Indonesia 5.0%

Russia 6.0%

Taiwan 3.0%

Korea 14.0%

Phillipines 2.0%

Japan 39.0%

USA 20.0%

Canada 1.0%

E.U. 1.0% Others 3.0%

Singapore 1.0%

China/HK 1.0%

Malaysia 1.0%

JBS

Australia

derives ¾ of

its revenues

from

exports

Australian beef exports by destination

Source: JBS

42PAGE

Top Ten Views – Benefits of JBS Acquisition in Australia

Increased market access- more markets and customers - part of a global business

Meat focused owners who have energy, passion and enthusiasm and who truly understand our business

Access to capital for greater Capex / Investment spend

Openness in sharing of information / ideas between different JBS businesses - benchmarking

Agility and Flexibility

Utilisation of JBS worldwide purchasing power

Focus on better execution of business fundamentals - yields , costs

Availability and access to owners and senior management at all times

Increased opportunities for professional growth

Focus on organisational structure, responsibilities and accountabilities to obtain better results

JBS Mercosul

Wesley Batista

44PAGE

JBS Mercosul – plants, feedlots and distribution centers

34 - beef

20 - leather/ hides

7 - dairy

22 - new business units

15 - distribution centers

1 - beef

2 - beef

6 - beef

1 – can making

facility

Production Facility in14 Brazilian States

45PAGE

JBS Mercosul

Merger with Bertin has significantly increased market share in Mercosul

Net sales of R$13.3 billion in fiscal 2010

EBITDA of $1.3 billion, a margin of 9.7%

Slaughtered 6.8 million heads

54,000 employees in Brazil, Argentina, Paraguay, and Uruguay

64 Production facilities in Brazil, Argentina, Paraguay, and Uruguay

56 in Brazil

6 in Argentina

2 in Paraguay and 1 in Uruguay

Organic growth for the year 2010 was 13.7%

46PAGE

JBS Mercosul

Strengths and opportunities

Further synergy capturing in 2011 (~ R$150 million)

Beef herd gradually growing, especially in Brazil.

Strong Domestic consumption across the region

Exports continue strong

Pricing power continue robust after average price increases (domestic and exports) of 20% last year

Direct Distribution continues to grow, having captured more than 100,000 new clients in the region in 2010

Corporate Governance

&

Sustainability

48PAGE

Corporate Governance

Transparency

Good Governance Practices

Confidence

Best services and products

Solidity

Profitability

Future

1 president

5 permanent directors

5 permanent independent directors

Consist of shareholders or not, liable to

be elected or dismissed at any time of

the General Meeting.

Management and Board of Directors

Board of Directors Fiscal Council

11 members 4 members

Elected by the board of directors, for

three-year terms, and are eligible for

reelection.

Board of Executive Officers

Audit

Finance

Human Resource

Corporate Strategy / Sustainability

Committees

4 committes

JBS is listed on the Novo Mercado, a segment in which companies are committed to

following a series of rules that provide better transparency and security to investors

*

49PAGE

Social, economic and environmental responsibility has always been a part of the

development and business growth of JBS

Source: JBS Sustainability Policy

Foundation

Risk and Crises

Management

Corporate Direction

Knowledge Management

Stakeholders

Engagement

Citizenship and

Education

Good Practices of Human

Resource

Human Capital

Development

Environmental

Management

Eco-efficiency

Sustainable Cattle

Breeding

Climate Changes

Economic Social Environmental

Ecologically viable

Ecologically correct

Socially responsible

Culturally acceptable

Premises Priorities

Sustainable use of the materials

Partnership with reputable organizations

Health and Quality of life

Climate

Residue Treatment

* Clean Development

Mechanism

**United Nations

Framework Convention

on Climate Change

50PAGESource: JBS Sustainability Policy

Strong action with appropriate programs for each one of JBS facilities

Programa Gente Nossa

Mold and develop new talents through contracting trainees

Variable Compensation (goal oriented)

Exercises for laborers

Human Resources

Title and Salary Policy

Benefit Policy

PSAG (Programa de segurança de auto-gestão) – Safety Program

360º Performance Evaluation

(all the levels of hierarchy of the Company)

Cultural support in regional and local events

Program of monitored plant visits (Community, Schools,

Universities and Associations)

Philanthropy actions

Principal initiatives

Germinare School

Social Projects

Creation of JBS Institute

Germinare School is a social initiative of the JBS Institute

that views education as the principal instrument of

transforming any society

51PAGESource: JBS Sustainability Policy

Strong action with appropriate programs for each one of JBS facilities

Field Day

Relations with Suppliers

Recycling facility at the Lins-SP and Barretos-SP plants

Principal initiatives

Biodigestors at the Andradina – SP unit

Eco-efficiency

Take part in SLWGs (Sustainable Livestock-Raising Working), made up of

producers, NGOs, financial institutions and retailers

Partnership with “Luiz de Queiroz” Agricultural College (ESALQ) to

minimize the emission of greenhouse gases in the production chain

Signing of the international Pact on the Eradication of Child

Slavery – UN (2005)

Signing of the Livestock Raising Pact, an Ethos Institute Initiative

entitled Sustainable Connections Sao Paulo – Amazon (2008)

Partnership with EMBRAPA (the Brazilian Agriculture Institute) to

provide technical support to the suppliers

Production of energy through sugarcane bagasse, guaranteeing

lower emissions of carbon dioxide gases and reducing the consumption

of non-renewable energy sources

Implementation of a system to burn ingesta in 7 units and plans to

expand to more units

Bring all acquired units into line with JBS environmental criteria

Mission

“

”

To be best in what we set out to do, totally focused on

our business, ensuring the best products and services for our customers, solidity for our suppliers,

satisfactory profitability for our shareholders and the

certainty of a better future to all our employees.